Britain's financial watchdog issued 1,200 consumer warnings last year about scams advertised via social media platforms by fake companies, double the number in 2019.

Google, which is part of U.S. tech giant Alphabet Inc (GOOGL.O), said in a blog post it will begin enforcing the new policy, which follows calls from the Financial Conduct Authority (FCA) to vet paid promotions, from Sept. 6.

"While this is an important step from Google we think a permanent and consistent solution requires legislation," an FCA spokesperson said in emailed statement.

The regulator will assess the outcome of Google's decision once the changes take effect, the spokesperson added.
Bank of England Governor Andrew Bailey has been lobbying the government to introduce a legal requirement for internet giants to take down financial fraud websites, the Sunday Times reported in March.